Solon Ohio Homes Report - November 2013

By
Real Estate Agent with Howard Hanna Real Estate Services

 

 

 

Here is our official market report for  Solon, Ohio for November 2013.

We will provide a list of all single family sold homes,   give monthly statistics ( with a comparison to last year ) and provide commentary.

 

SOLD HOME STATISTICS SOLON OHIO - NOVEMBER 2013

Date                                         # of Homes Sold                 Ave. Sales Price

November 2013                              14                               $263,482

November 2012                              23                               $228,141

YTD 2013                                       286                               $305,721

YTD 2012                                       247                               $299,260

 

COMMENTARY:

As the year winds down, it is safe to say that we will have more home sales here in Solon this year than in 2012.  However, things have slowed down a bit and this may affect the 2014 market.

Low inventories continue to be a problem and may be a factor to decreasing sales next year.

With interest rates continuing to be low and the stock market near all time highs, confidence among buyers seems to be good. In fact, the recurring theme seems to be that there are a lot of buyers on the sidelines and just not enough homes for sale.

In last month's report, we mentioned there were only 88 active listings, extremely low even at this time of the year. Today, there are only 77 active homes for sale in Solon, an all-time low.

To take this a step further, let's say you were a buyer looking in the popular $250,000-$300,000 price range. You would have only 5 homes to choose from and they have been on the market for an average of about 4 months. Basically, it would be equivalent to going to Nordstrom and seeing only a few things on the shelves and they are all shorts and bathing suits.

Today's inventory is basically not ideal for a buyer looking for a sharp home. I am certainly not trying to be negative about the current inventory of homes, but the bottom line is that if a home is that nice and priced well, it would have sold by now.

The homes on the market today are likely dated and overpriced and simply not appealing to today's picky buyers.

GOOD THINGS COME TO THOSE WHO WAIT

The good news is that new homes typically come on the market after the New Year. So, frustrated buyers should have some renewed optimism that there will be some new homes to look at over the next 30-90 days. The one caveat to buyers is that if you do find a home you like, you better move on it quickly or risk losing out to another buyer.

The good news for sellers is that there has never been a better time to put your home on the market. If you have a nicely finished home, it is staged and priced right, you could have buyers beating down your door.

Our next report will be our popular Year In Review, so look for it early next month.

If you liked this post, please follow us on Active Rain. We always appreciate having new readers and more importantly, enjoy making new friends.

 

Here are some of our others posts that may interest you as well:

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Is Social Media Killing Confidentiality?

Real Estate Agents Are Not Just Door Openers

 

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About The Authors:

Dan and Amy Schuman are agents with Howard Hanna, the area's largest real estate company. They live in Solon Ohio and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

 

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Solon Ohio Homes Report - November 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©December 2013

 

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